A note from the Taurus Team on Mother’s Day
Taurus Mutual Fund
Taurus Mutual Fund was amongst the first few private sector Mutual Funds to be registered with SEBI.
Whether you are a home-maker or a working mother, it is important to understand and plan your finances to ensure a secure future for your family.
Here are a few quick tips:
It is very important to write down your goals. Categorise them as near to reach, a little further ahead and the farthest ones. 30% of what you earn or manage may be kept for these goals and may be invested in different financial products.
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Rent, EMI, insurance premiums and similar expenses are your fixed expenses. If you allocate a lot of funds for fixed expenses, it may minimise your savings. Keep them at a depreciating rate. Target to close debts as quickly as possible.
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Variable expenses are those that cannot be put down as an expense that you ?may ?incur on a periodic basis. Unavoidable expenses such as medical emergencies may occur at any time, especially when there are children and elderly at home. Also, expenses that arise from a sudden urge to shop, dine, travel are some of these expenses. Failing to track such expenses may ?have an adverse impact on your finances. In case you have long term goals like buying a house or starting a new business, you may require to be prudent with your money.
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Traditional saving methods such as FDs and RDs are still popular. However, much smarter options are available now. Your savings should beat inflation and generate wealth for the future so that you are financially secure at the earliest. Systematic Investment Plan (SIP) is one of the smartest ways to have a disciplined way of investing an earmarked part of your income.
Homemakers may not be directly impacted by taxes. However, it is important for working mothers to understand the different tax-saving and investment options that are currently available. Equity Linked Savings Scheme (ELSS) is one of the options which is gaining popularity for several reasons. It has the shortest lock-in period in the 80C category of tax saving. ?It is flexible as investments can be made in lump sum or through SIP, investment procedure is easy to execute.
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These are just a few quick tips that we intend to share with the mothers who are the heart of the family. Always remember, financial Independence may always give you confidence and might be an added strength for your family!!
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You may connect with us at [email protected] and we will be glad to answer any questions.?